DS News Webcast: Friday 8/1/2014

Director Richard Cordray of the Consumer Finance Protection Bureau has testified before the House Financial Services Committee on the subject of discrimination within the bureau. Cordray went on record to say:

“Because of the speed with which we tried to build this new agency, we have found that we did not get everything right for our own employees…” and, based on different employee ages, positions, and races, the employee review system of the bureau “was creating differential outcomes that indicated the system was unsatisfactory and not working out as intended.”

Cordray did not talk about specific complaints of discrimination, but instead told the committee that he intended to work closely with the Bureau’s Office of Minority and Women Inclusion, and that the regulatory body has begun hosting quote—listening sessions--unquote to give employees the chance to voice their work experiences.

CoreLogic published its National Foreclosure Report with data from June 2014 indicating that foreclosure inventory is down 35 percent from last year. Foreclosures fell from 54,000 to 49,000 on a year-over-year basis. The report further indicated that foreclosure inventory in the United States decreased for 17 consecutive months as of June 2014 and fell below 650,000 homes by the end of that month, but the month-over-month rate of decline in inventory is not expected to last. There are concerns that the foreclosure inventory will soon consist of those in judicial states where processes to foreclose are drawn out.

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In the latest episode of DS5: Inside the Industry, we spoke to ACC Mortgage’s Robert Senko about Fed actions and zoning shifts, while FHFA diversity leader Sharron Levine provided insights into how the agency and industry are managing the workforce changes brought on by COVID-19.

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